Managing Your Money, Part 2: Creating a budget to reach your financial goals
A budget can be a powerful tool to help you reach a goal, plan for your dream, or manage a financial setback. Think of your household budget as a spending plan that helps you make decisions about where your money goes. Start your own budget by focusing on your financial goals.
Why you need a budget
A budget is like a road map that can help you reach your destination. Setting short-, medium-, and long-term financial goals can help you organize your budget and give it purpose.
There are five key steps to budgeting wisely. If you follow them, you can feel more confident about achieving your financial goals:
Organize:Gather information on your income and expenses.
Track:For a month, keep a detailed log of your spending habits. Quick tip: Your online transaction history can be helpful for this.
Analyze:Review and prioritize spending on what matters most.
Categorize and budget:Create spending categories, such as food, entertainment, and savings, and set a budget for each.
Review:Go over your budget monthly and adjust as needed to match the financial goals you've set.
Learn more about the five steps for creating a budget.
Take your budget digital
Use an online tool such as Budget Watch to create a personalized budget to track spending, set monthly spending goals, and stay in control of everyday finances. Budget Watch is available to you as a part of Wells Fargo Online®.
What's next:
In next week's email, explore ideas to help you take charge of your spending.
If you have questions, please do not reply to this message.
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